AT&T INC. — Director's Dealing 2010

Sep 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AT&T INC. (T)
CIK: 0000732717
Period of Report: 2010-08-31

Reporting Person: WILKINS RAYFORD JR (CEO-AT&T Diversified Bus.)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-08-31	Common Stock	A	708.7682	$27.0300	Acquired	26077.4838	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	280040.8467	Direct
Common Stock	7658.6310	Indirect
Common Stock	5.6623	Indirect
Common Stock	645.3705	Indirect

Footnotes

F1: Automatic purchase of shares by the reporting person with payroll deductions and, to a limited extent, company matching contributions, in the form of deferred stock units settled only in stock on a 1-for-1 basis as provided for in the plan.

F2: Includes 10.7155 shares acquired on 8/2/2010 at a price of $26.2247 through reinvested dividends under dividend reinvestment plan.

F3: Includes .0843 shares acquired on 8/2/2010 at a price of $26.2247 through reinvested dividends under dividend reinvestment plan.